What Is Memority?
Memority is a platform that allows users to store encrypted data on a blockchain, combining that technology's inherent security and permanence with the functionality of cloud storage.
The project offers several unique advantages over similar platforms, including complete anonymity even from its developers and an API that can be used to program custom extensions. Memority is releasing its own cryptocurrency, the MMR token, which will be required to pay for access to the service.
Who Is Behind Memority?
Memority's development team is based in Estonia. The team is relatively large for such a young company, with 17 employees working in software development, marketing, and accounting. However, virtually no details are available about any of the team's background.
The project has already gained over 40,000 followers on Facebook, and 12,000 on Telegram. It has also been covered by several publications, though most are only discussing its ICO rather than its platform.
How Memority Blockchain Data Storage Platform Works
Memority is developing a decentralized platform that will allow users to store their data on a blockchain. For users, Memority will resemble a familiar cloud storage service, but the platform offers unique differences: its use of a blockchain guarantees that all data is permanently stored, since it could not be lost with the failure of any central server, and its use of strong encryption ensures that even the platform's developers can never access what users save.
Memority's users will need to pay for the service with the platform's internal cryptocurrency, the MMR token. However, users who host an entire copy of the blockchain on their computer (a “full node”) will be able to use the service for free.
Memority is also releasing an API, which can be used to create third-party programs that access the service. The company encourages developers to use the service for as wide a variety of applications as possible, and promises rewards each byte of data they draw to the platform.
The platform is still very in its progress: the open alpha version was released in April 2018, and a beta version is planned for a release in July. The full version won't be released until early 2019.
Memority MMR Token ICO Details
The MMR token is being offered for sale between May 16th and October 1st, 2018. The official ICO begins on May 31st, with a pre-sale running through May, though it appears that the pre-sale is entirely open to the public. A total of 1,500,000,000 MMR tokens have been created prior to the ICO, though only 57% of these are available to the public.
During the ICO, the base cost of tokens is $0.10 USD each, though it appears that a discount is available throughout the entire public sale; during the pre-ICO, buyers receive a 20% discount, and then the ICO is divided into three phases with 15%, 10%, and 5% reductions which last until its final day. Tokens can be bought using Ethereum, Bitcoin, Litecoin, and several fiat currencies.
The ICO does not appear to require any know-your-customer verification, which could put the company in a perilous position as certain jurisdictions become increasingly strict with cryptocurrency investing.
Memority presents an interesting idea, and its robust presence on social media suggests that the project has attracted widespread interest. Several other blockchain-based storage platforms exist that the company will need to compete with, but as its website points out, Memority's major advantage is its release of an API that will find the service used in disparate applications.
However, Memority's lax approach to know-your-customer regulations could become the company's Achilles' heel; many jurisdictions are working to tighten regulations on cryptocurrencies, and ICOs that neglect to identify their investors are facing increasing scrutiny.
Investors in the MMR token should consider the demand for such a service given the field of competition, and be mindful of the fact that the platform using this token won't be released for nearly a year after its ICO.